When California held its first-ever auction of greenhouse gas emission allowances last fall, allowances sold for $10.09, just pennies above the $10 floor price set by state regulators. Some observers warned that the low price meant the state's new cap-and-trade program wouldn't work and was a sign that companies were not participating.
But in the second auction last week, the allowances sold for $13.62 each, higher than many analysts had expected...............................................Full Article: Source